Are you already signed up for our daily e-mail newsletter? Great, but did you know that we just launched an adviser-focused e-mail on Fridays? Now you do. Sign up here!
Quote of the Day
"When somebody fills out a risk tolerance questionnaire, it’s usually more a reflection of how the market is doing, and less a reflection of how they actually respond to risk."
(Michael Batnick)
Chart of the Day

Apple ($AAPL) has surpassed Saudi Aramco as the world’s largest company by market cap. (chart via @ycharts)
Markets
- There are plenty of explanations for what is happening with gold, but only one that matters. (mrzepczynski.blogspot.com)
- Bike manufacturers can't keep up with demand. (ft.com)
- Why lumber prices are soaring. (wsj.com)
Strategy
- If half your portfolio is in cash and bonds the other half has a lot of work to do. (theirrelevantinvestor.com)
- The housing market isn't like it was back in 2008, but caution is still warranted. (nytimes.com)
- A look at five different types of investors. (humbledollar.com)
Companies
- How Kodak ($KODK) insiders won big this week with well-timed options grants. (wsj.com)
- Under most scenarios, oil company cost structures are still too high. (wsj.com)
SPACs
- SPACs are nothing new, but historically they have been a sign of market froth. (awealthofcommonsense.com)
- How the SPAC boom could play out. (howardlindzon.com)
- SPAC IPOs are outpacing traditional IPOs in 2020. (marketwatch.com)
Funds
- The delisting of VelocityShares Daily 2X Vix Short Term ETN ($TVIX) is a prime example of knowing what you own. (etftrends.com)
- Active management didn't protect investors from pandemic-influenced declines. (evidenceinvestor.com)
Global
- Europe's economies are poised to recover far faster than the US. (nytimes.com)
- Australia's state of Victoria is re-imposing lockdown measures. (abcnews.go.com)
- London's suburbs are seeing a tentative recovery compared to the City. (nytimes.com)
- Cities around the world are looking to make commuting by bicycle easier. (wsj.com)
- Pension plans around the world are under pressure. (visualcapitalist.com)
Policy
- The Big Tech hearings were a bust. (marginalrevolution.com)
- How 'unbundling the police' can work in practice. (wave3.com)
- What is a 'freeroll'? And why don't governments take advantage of them? (papers.ssrn.com)
Economy
- What if we see a spike in inflation but no rise in interest rates? (awealthofcommonsense.com)
- Some charts on the impact of Covid-19 on the US economy, to-date. (visualcapitalist.com)
- A succinct summary of the week's economic events. (ritholtz.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Top clicks last week on the site. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (abnormalreturns.com)
- Coronavirus links: an excuse to fight. (abnormalreturns.com)
- Finding better ways to care for your clients and yourself: why you should sign up for our new weekly adviser-focused e-mail. (abnormalreturns.com)